If you’ve wondered what investment banks have been doing with those hard earned bail-out tax dollars lent to them by the Federal Reserve and US government at nearly zero percent interest, here’s your answer and a demonstration in how to vaporize the GDP of a small nation in just a few weeks’ time.

In an unexpected after hours call with investors CEO Jamie Dimon said JPMorgan was facing massive losses – legal losses of $4.2 billion were reasonably possible, he said — with trading losses totaling $800 million in the second quarter.

And Dimon said it could take until the end of the year to restructure the portfolio.

Although information was still coming together at the time of writing, the Fast Money traders say developments look like they’re a game changer.

…

“I can almost guarantee it’s not just JPMorgan.” adds trader Guy Adami.

[6] RIDICULOUS: Basically Every Major Bank Went The Entire Quarter Without A Single Losing Trading Day: http://www.prisonplanet.com/ridiculous-basically-every-major-bank-went-the-entire-quarter-without-a-single-losing-trading-day.html

[7] The Destruction of America: Brought to You By JP Morgan Chase: http://www.prisonplanet.com/the-destruction-of-america-brought-to-you-by-jp-morgan-chase.html